Tenants of the Saskatoon Milroy Apartments received offers to purchase their units from the developer yesterday. Two of them kindly dropped me a note and I thought you might be interested in the details.
A tenant living on the 12th floor writes, “We got a package in the mail last night with the price and upgrades they are doing. Ours is priced at $315,888.09 – we have 30 days to buy and if we buy before April 10 we save a whopping 2000. This includes a surface parking spot as well. Sounds a little (alright a lot) steep for this place. They are planning on “gutting” the suite – replacing plumbing fixtures, kitchen cabinets, flooring, windows and appliances and upgrading the electrical service to the building and each suite. Replacing the air chiller, moving to in-suite laundry and upgrading the elevator(s).”
I love the .09 cents thing.
According to another tenant residing of the 17th floor, it will set you back considerably to move up five floors. He states that his unit is offered to him at $351,502.32.
Let’s assume that the gentleman on 17 is interested in purchasing this property and he coughs up a 10% down payment and mortgages the balance. At 5.1% over 25 years, and assuming condo fees of roughly $290 per month and taxes of $200 (a guess, but probably somewhere close), he’ll have monthly payments totaling $2,385.13. An annual income of $95,000 will be required to qualify. Thankfully, we have 40-year mortgages that allow him to qualify with just $82,000 in annual income. 🙂
Average annual income of a Saskatchewan resident – $38,636.
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Royal LePage Saskatoon Real Estate